Hong Kong’s startup scene is booming like never before, with official statistics revealing record highs in both the number of startups and their employees in 2024.
The Hong Kong Special Administrative Region (HKSAR) saw a remarkable 4,694 startups this year, marking a 10% increase from last year and an impressive 40% surge since 2020, according to the latest data from Invest Hong Kong (InvestHK).
These startups are not just increasing in number but also in size. Their combined workforce is nearing 18,000 employees, up 7% year on year and a staggering 65% jump from 2020 figures.
InvestHK’s Director-General of Investment Promotion, Alpha Lau, credits this robust growth to proactive government measures. “Our initiatives to support emerging sectors and companies are paying off,” she said. “We’re seeing significant growth, especially in health and medical and sustainable and green technology sectors.”
To further fuel this momentum, the HKSAR government unveiled plans for the I&T Accelerator Pilot Scheme. With a funding allocation of HKD 180 million ($23.19 million) at a one-to-two matching ratio between the government and institutions, the scheme aims to attract international startup accelerators with proven track records to Hong Kong.
InvestHK is also stepping up its global outreach. “We’re committed to promoting Hong Kong’s unique advantages to potential investors and businesses worldwide,” Lau added. The agency operates through a network of 34 global offices and plans to open a new office in Türkiye in the first quarter of 2025. This move is part of a broader strategy to expand international connections, including engagement with countries under the Belt and Road Initiative.
“Hong Kong is solidifying its position as a global innovation hub,” Lau concluded. “We’re excited about the opportunities ahead and remain dedicated to supporting startups and fostering growth.”
Reference(s):
cgtn.com
